Pfizer is in advanced talks to acquire US cancer drug company Medivation for close to $14 billion, as it seeks to boost its oncology portfolio, a person familiar with the matter said on Sunday.

Pfizer has so far prevailed in the auction for Medivation and could announce a deal as early as Monday, though the negotiations could still fall apart at the last minute, the person said. The deal is expected to paid for by Pfizer in its entirety, or at least mostly, with cash, the person added.

The source asked not to be identified because the negotiations are confidential. Pfizer and Medivation declined to comment. The Financial Times first reported on Pfizer nearing a deal for Medivation earlier on Sunday. – Reuters